Solana on-chain NFT sales exceeded $200 million in February, down nearly 9% from the previous month
The sales of NFTs on the Solana blockchain reached $217,406,389.95 in February, a decrease of nearly 9% from January's $238,736,545.7. Additionally, there were over 382,000 transactions of NFTs on the Solana blockchain in February, with 428,003 unique buyers and 191,507 unique sellers.
Dollar-denominated Solana fees rise 2,800% in six months
Since the third quarter of last year, Solana has gradually overcome the impact of the bankruptcy of FTX/Alameda. Toghrul Maharramov, an analyst at Power Your Own Research, shared data showing that the average dollar-denominated cost per transaction on the Solana (SOL) blockchain has skyrocketed from 0.001 USD to 0.03 USD, an increase of nearly 30 times, from August 2023 to February 2024, during which time the SOL price rose from 19 USD to 120 USD. The analysis suggests that the growth in fee revenue on the Solana chain may be related to previous airdrop activities such as Jupiter, and Solana co-founder Anatoly Yakovenko remains optimistic about the growth in fee revenue on the blockchain.
Solana’s Outage and Future — CoinShares’ Perspective
Recently Solana experienced its first outage in over 11 months. An infinite loop was propagated across the network’s validators due to a faulty implementation inside of the core software via the Berkley Packet Filter which is the mechanism to deploy, upgrade and execute programs on Solana. Block production halted, impeding the chain’s progress (in layman’s terms, it went offline). Validators then manually verified, inside of a Google Sheet, a snapshot of the last valid block. For the chain to restart, at least 80% of validators began running the patched software for blocks to be added to the chain.
AI project QnA3.AI announces investment from Solana Foundation
On February 25th, QnA3.AI, an AI project, announced that it has received investment from the Solana Foundation and is working with Solana to create a strategic alliance focused on AI and DePIN development. QnA3.AI stated that it has currently accumulated a large amount of AI training data. Through cooperation with Solana, this data will be stored and trained on the Solana blockchain, and an application specifically designed for the Solana Saga mobile phone will be developed. QnA3 is an AI-driven one-stop Web3 knowledge engine and trading entrance, and is a well-known Web3 DApp in the current popular AI section. According to DappRadar data, QnA3.AI's user activity (UAW) ranks first in the BNB Dapp list and seventh in the full-chain Dapp list. As an AI+Crypto question and answer platform, GPT fills the gap in AI targets. With the project listed on OKX and receiving funding from the Solana Foundation, it is expected to become another high-potential project in the AI sector. OKX Jumpstart will soon launch GPT (QnA3.AI), and users can pledge BTC and ETH starting at 6:00 am UTC on February 26, 2024 to exchange for GPT tokens. QnA3.AI officials will also soon participate in the first round of token airdrop activities, and interaction records and points will determine the user's share of the airdrop.
Solana’s total locked-up volume reaches $2.03 billion
According to DefiLlama data, Solana's total value locked (TVL) has reached $2.03 billion, with a 24-hour increase of 2.92%.
DEX on Solana chain exceeded US$700 million for two consecutive days, second only to Ethereum
According to DeFiLlama data, the trading volume of DEX on the Ethereum blockchain was $1.772 billion on February 21, ranking first. In addition, the trading volume of DEX on the Solana chain was $711.35 million, ranking second for two consecutive days with over $700 million, and the daily trading volume of DEX on the BSC chain was $656.09 million, ranking third.
Total NFT sales on Solana chain exceed $5 billion
According to the latest data from CryptoSlam, the total sales of NFTs on the Solana blockchain have exceeded $5 billion, reaching $5,000,004,540 at the time of writing. The number of on-chain NFT transactions is about 42.7 million, with the number of on-chain buyers approaching 2.2 million and the number of sellers exceeding 1.6 million. Historical data shows that in December last year, Solana's on-chain NFT sales exceeded $365 million, setting the largest monthly record to date.
Solana’s DeFi Rise Challenges Ethereum’s Dominance
The aim of this article is to delve into the factors underpinning Ethereum’s long standing dominance in the DeFi realm and to examine how Solana has made significant strides in recent times, though whether this can be sustained remains uncertain.
Filecoin integrates with Solana to enhance blockchain reliability and scalability
Decentralized storage service Filecoin has partnered with Solana to improve the reliability and scalability of the blockchain. Solana will use Filecoin's infrastructure to enhance data redundancy, scalability, and security while maintaining its commitment to decentralization. Filecoin sees this partnership as a significant move away from centralized storage solutions and a step towards democratizing data storage. The Solana blockchain recently experienced an outage due to a bug-induced infinite loop, but the team has since deployed a fix, and the Solana token (SOL) has maintained its value.
Solana announces partnership with Filecoin
Filecoin announced on social media that Solana and Filecoin have integrated, which is a major move to get rid of centralized storage solutions and an important step in improving the reliability and scalability of the Solana blockchain. Solana is using Filecoin to make it easier for infrastructure providers, explorers, indexers, and anyone who needs historical access to access and use its block history.
Solana Mobile: Snapshot 2 will be taken next week and Chapter2 Preorder Token will be sent to pre-order users
Solana Mobile announced that it will take a Snapshot 2 snapshot of the Chapter2 leaderboard at 3:00 am Beijing time on February 22, including: 1. The top 1500 recommended users after Snapshot 1 will receive non-transferable Tanzanite NFTs, and the top 1500 historical rankings will receive Diamond NFTs;<br>2. Launch Chapter2 Preorder Token, if users complete the reservation after the first snapshot, the user's wallet will receive non-transferable Chapter2 Preorder Token tokens after Snapshot 2 is taken, and users need to verify their wallet address in the reservation confirmation email;<br>3. Solana Mobile also announced some third-party sponsor information for Snapshot 2, including Solend, Helium Mobile, etc. It is reported that third parties will also provide rewards.
Solana's Five-Hour Outage Raises Doubts About Reliability and Decentralization
Solana, a blockchain network often referred to as an "Ethereum killer," suffered a five-hour outage on Tuesday due to a cluster halt that required a system restart, raising doubts about its reliability and decentralization. The incident caused Solana's native token, SOL, to drop in value and transactions on the network to come to a halt. This has led to questions about whether Solana has the technical foundation to outpace Ethereum and achieve the decentralized infrastructure that has made Bitcoin and Ethereum the industry's leading blockchains. The founder of Solana, Anatoly Yakovenko, expressed concern about the impact on the startup ecosystem and the level of exposure for teams. Additionally, the downfall of prominent investor and advocate for Solana, Sam Bankman-Fried, in November 2022 had a significant impact on the blockchain's value, causing investors to hesitate in supporting it.
Solana Mobile’s second-generation mobile phone has over 60,000 pre-orders
A Solana spokesperson stated that the pre-order quantity for the second generation Solana Mobile has exceeded 60,000 in less than three weeks. Earlier reports indicated that Solana Mobile began Chapter 2 pre-sales on January 17th, with a pre-order deposit of $450. The first Chapter 2 leaderboard snapshot will be taken on February 6th at 19:00 UTC (February 7th at 3:00 Beijing time).
SOL breaks above $100
The market shows that SOL has broken through $100 and is now trading at $100.03, with an intraday increase of 1.37%. The market is highly volatile, so please be prepared for risk control.
Solana Mobile 2.0 will issue NFTs to waitlist customers as incentives
Solana Mobile 2.0 pre-orders are still open and a crucial update has been released to community members. According to Solana Mobile, customers who join the waitlist for the second-generation phone through pre-order will receive some non-transferable tokens, including NFTs as incentives.
SOL is currently trading at $100.24, with an intraday increase of 5.5%
According to market data, SOL has broken through $100 and is currently trading at $100.24, with an intraday increase of 5.5%. The market is volatile, so please be prepared for risk management.
The trading volume of DEX on the Solana chain reached US$1.149 billion yesterday, surpassing Ethereum for two consecutive days
Solana's DEX on February 1 was approximately 1.149 billion US dollars, a decrease of about 21% from the previous day's 1.461 billion US dollars, once again ranking first. In addition, the trading volume of Ethereum's DEX on the chain yesterday was 1.131 billion US dollars, ranking second; the trading volume of Arbitrum's DEX on the chain yesterday was approximately 503 million US dollars, ranking third.
The Solana Ecosystem
We started the year with a note on belonging. I felt inspired to write about this because of our work on two protocols, one of which today’s issue covers extensively. In mid-to-late 2022, Solana was the industry’s darling due to its figureheads. SBF’s overarching influence on its ecosystem could not be understated. But in the following months, as FTX collapsed, so did the Solana ecosystem.
NFT sales on Solana chain exceeded US$239 million in January
Data from Cryptoslma shows that the sales of NFTs on the Solana blockchain in January 2024 exceeded $239 million, a decrease of approximately 34.4% from December 2023's $365,406,366.78. In addition, the number of independent buyers and sellers of Solana-based NFTs in January exceeded 200,000, with over 455,000 transactions on the blockchain.
More than US$200 million of stablecoins flowed into the Solana chain yesterday, setting a record for the highest single-day inflow since May 2022.
According to DeFiLlama data, stablecoins worth over $200 million flowed into Solana's network on January 31st (the day JUP was launched), setting a new record for the highest daily inflow since May 2022.
